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- Thailand’s PTT Exploration and Production steps towards digital transformation by adopting Refinitiv’s Auctions capability
January 28, 2021
Thailand’s PTT Exploration and Production steps towards digital transformation by adopting Refinitiv’s Auctions capability
Bangkok - Leading Thai energy company PTT Exploration and Production Public Company Limited (PTTEP) has implemented Refinitiv’s Auctions capability to power its cash management function and manage compliance risk through best rate execution.
PTTEP has begun migrating to Auctions since August 2020 and executed their first production auctions in December 2020.
PTTEP is the first Thai corporate to adopt Auctions. The energy firm will be able to run auctions efficiently, transparently and compliantly by centralizing its deposit bidding process into Auctions, enabling it to communicate systematically with both Thai and overseas financial institutions.
Refinitiv recently reached a key milestone for its Auctions service, having facilitated over USD $2 trillion for its central bank and large corporate customers.
As well as providing the technical and data infrastructure large corporates need to run auctions transparently and compliantly, Refinitiv’s Auctions capability enables them to quickly reach Refinitiv’s extensive community of customers enabling a fast launch process. Over 400 banks and brokers have now participated in auctions.
Khun Sumrid Sumnieng, Executive Vice President, Finance and Accounting Group, PTTEP commented, “Our collaboration with Refinitiv is another step towards PTTEP digitally transforming its finance organization in an ever-changing and challenging business landscape. By embracing current technological advancements into our tool kit, the collaboration enhances the company’s liquidity management process, especially in the area of yield-enhancement, amidst the current lower-for-longer investment yield backdrop.”
Alfred Lee, Managing Director, Asia Pacific at Refinitiv, said, “We are proud to strengthen our partnership with PTTEP, helping it take another step towards automation, on top of its adoption of Refinitiv’s FXall trading platform in 2018. Our solution enables PTTEP to largely improve its efficiency, reduce operational risk and effectively consolidate all transactions. Moreover, our platform supports mobility so that the auction process could be managed virtually, which will facilitate its operation in a post-COVID world. We will continue our effort to support clients at the forefront of innovation in financial industry and improve the automation of trading in the emerging and frontier markets.”
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PTT Exploration and Production Public Company Limited (PTTEP), a subsidiary of PTT Public Company Limited, is a Thai petroleum exploration and production company dedicating itself to providing a sustainable petroleum supply to Thailand and the countries it operates in. As of December 31, 2020, PTTEP had exploration and production projects in 15 countries worldwide. The company continues to operates globally to provide reliable energy supply and sustainable value to all stakeholders.
Refinitiv, Director, Communications, Asia Pacific
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